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  • state-flag-north-carolinaFighting foreclosure is not something you want to do alone. Sure, there is plenty you can do on your own to avoid getting into financial trouble in the first place. However, once you can’t afford your mortgage payments, the crisis can start to feed on itself and it is easy for panic to set in. This is especially so in states like North Carolina where the foreclosure process is relatively short. In North Carolina homeowners can go from missing a payment to foreclosure in as little as two months from their first notice. The silver lining is that North Carolina has a long foreclosure warning period. A foreclosure prevention law passed in 2008 requires all lenders to provide a minimum of 45 days notice before starting foreclosure procedures. The idea is that homeowners use this “warning time” to put their finances in order and negotiate a mortgage workout with their lenders.

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    Again, negotiating with your lender for a loan modification, mortgage refinance or a forbearance period is not easy on your own. That is why the Fight North Carolina Foreclosure organization recommends you contact a professional housing counselor as soon as possible. However, North Carolina state is not just asking homeowner to talk to housing counselors, practical aid is available. A leading agency in the prevention of foreclosures is North Carolina Housing Finance Agency. The North Carolina Housing Finance Agency helps low- to medium-income borrowers enter the housing market with low down payment mortgages and low interest rates. But that is not all, the agency also helps homeowners stay in their mortgages whether they bought a mortgage through them or not.

    Meet the Home Protection Program. This program tackles one of the biggest triggers of foreclosure: unemployment. Keeping up with monthly payments when your income has dried up can be difficult especially when you have a large family to care for. The Home Protection Program offer recently unemployed borrowers a loan to cover the mortgage payments they can no longer afford. The program offers loans of up to $24,000 at 0 percent interest. You can use the loan to pay for mortgage payments, property insurance, insurance and taxes. The best thing about this program is you do not have to pay for the loan unless you refinance or sell the home.

    Learn who is eligible for the Home Protection Program and what you need to do to apply in our next post.

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